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Sources: Oracle Aims to Avert In-Depth EU Deal Probe
 11/07/2003 BRUSSELS (Reuters) - Oracle Corp. is working to head off an in-depth European Commission probe of its planned $7.3 billion purchase of rival software company PeopleSoft, two sources familiar with the case said on Friday. Oracle representatives met with EU Competition Commissioner Mario Monti recently to try to convince him of their views, the sources said. "Some of the problems identified by the Commission are unresolved, but it is not yet clear if a phase two investigation will be required," one of the sources said. A Commission spokeswoman had no comment. PeopleSoft is opposed to the takeover and has said it considers the bid unlikely to succeed, while Oracle has said it is determined to carry it out. The Commission's ordinary review of a deal lasts one month, with the deadline set for November 17. An in-depth probe would last an additional four months, and could slow the entire bid. The Commission's serious consideration of an in-depth probe may be influenced by a decision by the U.S. Justice Department (news - web sites) to look at the case carefully. The Justice Department usually looks at cases in 30 days, but has a "second request" mechanism in cases that it wants to probe closely. Unlike the EU's process, there is no set amount of time for the U.S. second request review. The Justice Department began looking at the Oracle-PeopleSoft deal in depth in early July. PeopleSoft was trading at 22.30, up 1.0 percent, and Oracle at 12.67, down 0.24 percent in midday trading in New York. News Archive | |
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